Shawbrook has introduced product transfers to streamline the renewal process for existing buy-to-let and commercial customers.
The new solution allows Shawbrook customers to renew the fixed rate on their buy-to-let or commercial mortgage when no additional borrowing or term extensions are required.
In just four steps, the new offering allows brokers and their professional property investor clients to choose a new fixed rate with no underwriting required, bringing a streamlined product transfer proposition to the commercial mortgage market.
The launch of product transfers builds on Shawbrook's Switch & Fix proposition, which launched last summer. It includes a range of two, three, five and 10-year fixed rate products along with reduced rates for existing buy-to-let customers with loans between £40,000 and £1m.
Shawbrook also has a refinance offering to support existing customers who wish to make changes to their mortgage, or raise additional capital.
Daryl Norkett, director of real estate proposition at Shawbrook, commented: "The success of Switch & Fix has been key to the launch of product transfers in demonstrating the strong demand from our brokers and customers for fixed rate options. We’ve been able to develop the platform to enable brokers and customers to choose a new fixed rate product on the existing mortgage, removing the underwriting requirements of refinancing to a new loan.
“The introduction of this offering for both buy-to-let and commercial mortgages is another step towards simplifying the experience for brokers and their professional investor clients so we can provide the best possible service and a broad range of product choices.”
Claire Rankin, director of specialist lending real estate at Shawbrook, added: “With our new product transfer offering, we’re able to provide a process familiar to the residential and buy-to-let market but with the enhanced and unique capability to extend this to our commercial mortgages as well. This provides an unrivalled customer experience – and it’s just the beginning. We have some fantastic enhancements scheduled for later this year that will continue to elevate our offering for existing customers.”
